Growth Equity

Lifetime Variable SelectAfter-Tax Annuity

Under normal circumstances, the Fund invests at least 80% of its assets in equity securities. The Fund invests primarily in equity securities that the Fund’s investment advisor, Teachers Advisors, Inc. (“Advisors”), believes present the opportunity for growth. Generally, these equity securities will be those of large-capitalization companies in new and emerging areas of the economy and companies with distinctive products or promising markets. Advisors looks for companies that it believes have the potential for strong earnings or sales growth, or that appear to be mispriced based on current earnings, assets or growth prospects. The Fund may invest in large, well-known, established companies, particularly when Advisors believes that the companies offer new or innovative products, services or processes that may enhance their future earnings. The Fund also seeks to invest in companies expected to benefit from prospective acquisitions, reorganizations, corporate restructurings or other special situations. The Fund may invest up to 20% of its assets in foreign investments. The Fund may, on occasion, also invest a portion of its assets through quantitative techniques to maintain similar overall financial characteristics to the Fund’s benchmark index, the Russell 1000® Growth Index. These quantitative techniques, when used, may help Advisors control risk exposures by suggesting security selections that may fill unintended gaps in portfolio construction. Quantitative investment techniques may also be utilized to help the Fund remain fully invested in stocks at all times.

Top 10 holdingsas of 09/30/2014

Company Name

% Assets

1

Apple, Inc

4.59

2

Intuit, Inc

3.28

3

Facebook, Inc

3.11

4

Celgene Corp

3.05

5

Mastercard, Inc (Class A)

2.34

6

Adobe Systems, Inc

2.31

7

Gilead Sciences, Inc

2.16

8

Google, Inc (Class A)

2.14

9

Moody's Corp

2.10

10

Google, Inc

2.10

portfolio analysis

The fund is subject to style risk and growth investing risk.

The holdings information provided above is as of the date indicated, and may not reflect the current holdings of this fund.